REC Silicon ASA (0FS8) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. My name is Kurt Levins. I'm the CEO of RAC Silicon. And with me is Jack Yoon, the CFO of RAC Silicon. Welcome to the second quarter 2025 interim results presentation. We're going to go through some highlights and updates, as well as the financial review. Discussion of the strategic direction activities that we've been undertaking. And then finally, a summary of where we're at. We made significant progress in cost reduction activities in the quarter relative to the prior quarter. We had some benefits of one-off effects on our event dock. that we will discuss subsequent that led to a positive EBITDA of 4.9 million. Subsequent to quarter end, Anchor AS completed voluntary offer for shares and launched a mandatory share offer. Additional financing was received and is still needed. Additionally, trade actions and concern around the market effects of this have created forecast and demand uncertainty for our silicon gases. Silicon gas shipments are in a range that we have settled in for the last three quarters. As I stated, we're still having trade-related effects due to tariffs and trade actions on our products, however, also on the goods which require our products. Expected opportunities for volume and SPAC expansion increases are still being delayed or suspended. Semi-memory market demand is still soft compared to prior periods and affecting underlying demand, particularly for silo. On the other hand, our other silicon gas shipments continue to regain volume and grow in terms of sequential quarters on quarters. Note the other income effect due to the modification of a lease agreement. This is what was giving us a positive EBITDA for the quarter and for the first half. Find this in the Moses-like segment. This is part of our ongoing cost reduction program. O...